Property and assets

As an incorporated association, you can own assets.

Assets can include cash, property, buildings, land, vehicles and small goods. These include a printer, sporting equipment or mobile phone.

Prescribed property

Prescribed property is assets or property:

• valued at $25,000 or more and
• given by the Northern Territory (NT) or federal government or purchased from funding.

What you can do with prescribed property

You must get approval from the compliance team to do any of the following with prescribed property:

• transfer private property
• charge it as security for a loan or other benefit to the NT Government
• lease or sublease.

Other rules apply if the association's prescribed property is leased under the following laws:

• Special Purposes Leases Act 1953
• Crown Lands Act 1992.

Transfer assets

You can transfer some of your assets to any of the following:

• another body with similar or charitable objectives
• a local government council where the property is located.

Closing your association

If you want to transfer all of your assets to close your association, the following rules apply:

• You can only transfer all property if members agree to close the association.
• You must not transfer or give the association's assets to members.
• You must have consent from the funding body or government to transfer, sell, dispose of or give away prescribed property.
• You must only transfer or give to another association with similar purposes - unless otherwise stated in the constitution.

Read more about closing an association.

Contact

Contact the compliance team.